A look at the Balance sheet and Income Statement of Steeple, Inc. in 2010 yields the following information (in thousands):

Item	Beginning Balance	Ending Balance
Accounts Receivable	$4,155	a. $4,650
Accounts Payable	$5,200	b. $5,750
Inventory	$2,150	3,150
Credit Sales	$57,450
COGS	$45,100	c.

1 (15 points possible)the operating cycle of Steeple, Inc.

2 (15 points possible)the cash conversion cycle of Steeple, Inc.